Greater Nevada Credit Union is here to make talking about finances less awkward with tips on helping children learn about money for Teach Kids to Save day, April 27.
Good habits start from an early age, but it can be difficult for parents to know where to begin with teaching children smart financial habits for long-term success. In recognition of Teach Kids to Save Day, April 27, 2024, Greater Nevada Credit Union has outlined four steps to make the (financial literacy) “talk” a bit easier to navigate.
- Talk about wants and needs. While it’s important to show children how to save, teaching them the why behind saving helps the action become ingrained. Distinguishing the difference between wants, like toys or games, and needs, such as food, shelter and clothing, helps create a hierarchy to frame savings around.
- Set savings goals together. Once a child understands how to save money, they can start forming the habit by working towards a greater goal. Saving for a want, like a new bicycle, creates an incentive to stay engaged and be accountable. Help them find out how much and how long they’d need to save to meet their goal using GNCU’s savings goal calculator.
- Keep track of spending. Have children track their spending, whether through an app or pen and paper, to stay on the course to their goals. Tracking their spending habits, especially if they receive an allowance, is a financially healthy habit to start before paychecks begin to roll in.
- Set a great example. Saving for retirement, starting an emergency fund or even saving as a family for a big trip shows children that what they’re learning is important, and that adults save, too. Money can be a taboo subject, but creating an open space to discuss finances and practicing good habits alongside children sets a strong foundation for lifelong financial health.
Financial literacy is a skill people benefit from throughout their life, and teaching children about money helps set them up for a future of wellness. GNCU offers a variety of accounts and options to allow parents to open up savings and checking accounts for kids 17-years-old and younger. Parents can visit a branch or explore options online at GNCU.org. Most accounts only require a minimum account balance of only $5 to help them learn the ins and outs of saving.
About Greater Nevada Credit Union
Greater Nevada Credit Union (GNCU) is headquartered in Carson City, Nevada and has been helping Nevadans with their financial needs since 1949. The credit union serves more than 85,300 consumers and small businesses and has $1.78 billion in assets. GNCU’s subsidiaries include Greater Nevada Mortgage, Greater Commercial Lending and Greater Nevada Insurance. GNCU is a certified Community Development Financial Institution (CDFI), and has been consistently recognized as a Best Financial Institution in many of its service areas and as a top employer by the Reno/Tahoe Best Places to Work Awards. GNCU is also the title sponsor of Greater Nevada Field in Reno. For more information, call (800) 421-6674 or visit www.gncu.org.
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